Move follows earlier promotion of Steve Petsos to Broadstreet president
CHICAGO–(BUSINESS WIRE)–Broadstreet Impact Services has named a seasoned fund solutions executive to lead its fund administration team as part of a multi-year strategy to continue the firm’s significant growth.
This week, Chris Rakers joined Broadstreet as managing director of fund administration following almost two decades leading tech-enabled fund operations for alternative investment managers. He most recently served as director of investment operations for Council Ring Capital, a multi-billion dollar family office, where he built and led investment operations for several investment strategies that include private equity, credit, and public market investing.
Prior to that, Chris worked at E78 Partners as managing director in charge of private equity and venture capital fund solutions, and at NAV Consulting, where he managed key client relationships and helped the firm grow from $36 billion to $70 billion. He also served in various roles at Custom House Fund Services, including as chief operating officer, leading a global fund administration team across the US, Europe, and Asia. Chris began his career in fund accounting at Northern Trust.
“We are excited to add Chris’ remarkable range of fund administration experience to our existing impact investing expertise,” said Kevin Boes, CEO of Broadstreet. “His creativity and skill will help us further expand our fund administration business and support effective operations for our clients—particularly those focused on delivering capital to underserved businesses, organizations and communities, as we have been doing for nearly two decades,” he added.
Rakers’ appointment follows Broadstreet’s promotion of Steve Petsos to president earlier this year. Petsos is the firm’s long-time chief operating officer and previously served as its senior vice president for business development.
Boes said the promotion of Petsos and appointment of Rakers give the firm’s other senior managers more opportunities to expand their particular lines of business. “As we head into our 20th anniversary year, this is part of our larger efforts to make sure our day-to-day operations reflect our market position,” he explained. “It follows our rebranding as Broadstreet earlier this year and is part of our ongoing talent-development strategy, so our team can efficiently meet the needs of asset owners and fund managers that invest for impact.”
Broadstreet was previously known as New Markets Support Company (NMSC). The original name described its narrow focus on NMTCs at its 2004 founding but not its significant expansion over the years into other forms of impact financing, funds and services. Broadstreet is an affiliate of the Local Initiatives Support Corporation (LISC), one of the nation’s largest community development organizations.
“Over the past 20 years, we’ve gained invaluable insights on how to structure and deploy capital that drives health, equity and growth throughout the country,” said Petsos. “But that journey has not just been about our capital; it has also been about leveraging our expertise and robust back-office platform to help other impact investors make a significant impact as well. This dual approach amplifies economic opportunity for tens of thousands of people, while also helping investors and fund managers achieve their financial and impact goals.”
“For me, this is a great opportunity to leverage my fund administration experience and market relationships to support this next phase of growth, while supporting investors that are deploying capital that drives measurable and sustainable impact in underserved communities,” Rakers added. “Our goal is to provide high-touch fund administration solutions that are tailored to each client’s needs and supported by our institutional-grade infrastructure and expertise.”
Broadstreet Impact Services works with innovative investors to fuel social and economic impact throughout the country. Offering both fund management and fund administration services, we support 32 multi-asset funds, 92 single-asset entities, and $1.8 billion of capital—all of which drive equity and opportunity alongside financial performance. Over nearly 20 years, we have developed a client base that values our customizable services platform, fund development experience, impact focus, collaborative partnership approach, and deep engagement with the community investing ecosystem. For more, visit www.broadstreetimpact.com.
Broadstreet Impact Services
Ariel Hargrave, 773-904-4355